Mellody Hobson has joined an elite group of Black women who own football clubs.
With help from an ownership group, the Walton-Penner Group, the executive put a successful bid to buy the Denver Broncos.
How It Happened
According to ESPN, Mellody Hobson’s ownership group consists of big shots like Walmart heir Rob Walton, who also co-heads Ariel Investments.
The latter company finds mispriced companies whose valuation they help to realize over time.
53-year-old Hobson is among the country’s most powerful executives.
She co-heads Ariel Investments and is the Starbucks Corp. board of directors chair.
She is also on the JP Morgan Chase board.
And she used to chair DreamWorks Animation.
Mellody Hobson and her ownership group agreed to buy Denver Broncos for a massive $4.65 billion.
This is a record price for any North American sports franchise, making Hobson more powerful and influential.
It also significantly increases the club’s valuation and ability to attract top players.
The previous record for the most paid-for NFL franchise was the Carolina Panthers, which David Tepper bought for $2.3 billion.
This deal is more than double that amount.
According to Broncos CEO Joe Ellis, this sale is a significant step towards an exciting new chapter in the club’s history.
A Deal Worth Sealing
A deal of this magnitude often takes time, so 60 to 90 days to finalize the sale is expected; it could even take longer in some cases.
Hobson wasn’t the only one to offer to buy the Broncos.
The club has received offers from big shots like Jay-Z and Magic Johnson.
However, they didn’t meet the club’s valuation and are losing out to a determined Black woman.
Mellody Hobson: A Woman With A Purpose
Mellody Hobson is already among the most influential executives in the country, regardless of race or gender.
This acquisition is set to make her more powerful and to get more investors on her side if she wants to buy any franchise or business in the future.
